In a significant move aimed at easing the payment process for public transport and parking, the Reserve Bank of India (RBI) has granted approval for the issuance of prepaid payment instruments for mass transport systems (PPI-MTS). This initiative allows banks and licensed companies to distribute special cards that simplify transactions across buses, trains, metros, and parking facilities.
Key Features of PPI-MTS Cards:
- Issuers: Banks and authorized companies are authorized to distribute these cards, ensuring accessibility to a wide range of users.
- Payment Scope: PPI-MTS cards can be used to pay fares on buses, trains, metros, and waterways, as well as for parking fees, offering a comprehensive solution for commuters.
- Ease of Acquisition: Unlike many financial instruments, acquiring a PPI-MTS card does not involve an additional verification process, streamlining the onboarding process for users.
- Reloadable: Users have the flexibility to reload funds onto the cards as needed, providing a hassle-free and convenient payment experience.
- Usage Limit: The cards have a maximum limit of INR 3,000 at any given time, balancing security measures while catering to various financial needs.
- No Expiry Date: PPI-MTS cards do not have an expiration date, allowing users to keep and use them over an extended period without concerns about validity.
- Dedicated Purpose: These cards are exclusively designed for payments related to transportation and parking, with no option for cash withdrawals or fund transfers.
This groundbreaking initiative by the RBI marks a significant step towards fostering a more seamless and efficient payment experience for commuters across the country. The PPI-MTS cards are set to bring about a positive shift in the way people handle their everyday travel expenses.
